Former dealers push self-licensing barrow

Fortnum Financial Group founder Ray Miles and former Financial Services Partners chief executive Geoff Rimmer have launched a consultancy, the Green Zone, to capitalise on growing demand among practice principals to obtain a licence. 

In a statement to the press, Mr Rimmer said holding an AFSL is the “path to true independence”, “future professionalism” and the provision of “conflict-free advice”. 

“There is growing interest amongst financial planners in establishing their own financial services licence, but many are held back by concerns that there is little information or support available to guide them on the journey,” the statement said. 

“There is no doubt that moving AFSLs or establishing one from scratch is a big decision and a huge investment. Last year, ASIC received over 400 applications for new AFSLs but took back just under 200. That’s a lot of very expensive mistakes.”

The comments follow research released by Momentum Intelligence and Forte Dealer Solutions in August that found new evidence for the rise in demand for self-licensing.

The research found that 27.4 per cent of advisers are considering switching licensees.

Of those, 28.89 per cent said they would choose to become self-licensed rather than join an existing dealer group. 

Mr Miles remains executive chairman of dealer group Fortnum.